finding out new ways that we're fighting wars, o, you need women in different roles that men can't do shows a new reality that we learned from all that time there. all right, thaets going to do it for us today on "american morning." >> good morning, kyra phillips. >> have a great weekend. just minutes ago we learned that the nation's unemployment fell 9% last month. 80,000 jobs were created. that's actually fewer than expected, but here's the good news. we've now learned that there was more job creation in august and september than first reported. here's the bottom line. the new numbers help tap down those fears of a double dip recession. also impacting your wallet and the world economy and do things that we have been talking so much about. ali velshi is in france where the g-20 economic summit may hinge on one country and a government that is actually teetering on collapse. also, zain verjee has the global reaction to the crisis in

greece. ali, let's begin with you. just about an hour from now president obama is due to hold the news conference right there at the summit. greece, as we know, a linchpin. before you tell us why americans really need to pay attention to this, if you don't mind, just give us some perspective on this morning's new jobless numbers that i just talked about. >> okay, well, because i love you, kyra, we worked so long, i'll make this a choose your own adventure. what do you want from me? upbeat and positive or down beat and optimistic? >> i want you to be balanced and give me both. the reality check, no nonsense ali velshi. >> here's what we got. we expected 100,000 jobs to be created and we got 80,000. in my world, that's not that big of a deal. the unemployment rate went down to 9%, again, not a big deal. it tells us less about the economy than a whole bunch of other indicators. but as you said, the big deal was the numbers for the previous

two months always get revised and they were revised up. the bottom line is, we are a little step closer to not feeling as bad about the economy as we were, let's say a month or two months ago. that's the good news. the perspective on the jobs numbers, they're growing, economic growth is present in the united states and in about 2.5%. that's not much, india is growing at 7% and chinat about 8% and the bottom line is we are moving forward slowly. not great news, not enough to really bring the unemployment number down, but not bad, kyra. >> all right, now, let's talk about greece and where you are there in the beautiful spot in the south of france. we're really paying close attention to what president obama has to say. how he is hoping that leaders rally and that this debt crisis can be solved because, bottom line, it impacts us here in the united states tremendously. >> sure. and i'll tell you how it does that. there are three ways that what's going on here in cannes and in

athens will have an impact on everyone. number one, if greece doesn't get its act together and solve its debt problems which it now looks like it will, it could slow down the european economy. i told you the u.s. is growing at a rate of 2.5%. europe's not. europe is close to flat right now. that means that it can be tipped into a recession. what happens if you're in a recession? people lose jobs and they don't buy things. some things europeans spend money on are made or produced or services offered by americans. when you walk around new york, even atlanta, you'll run into a lot of europeans. when they're in a recession, they won't travel as much and buy as much stuff and that affects jobs in the united states. look at how these markets are going up and down day after day based on what is going on in europe. what goes on in europe affects your 401(k). number three, this is probably the most important, if a country defaults like greece could have or like italy might, it makes lenders, big lenders around the world say, i don't know if it's safe to be lending money at it. reminds us of 2008 and the whole lehman brothers situation and

that will have an effect on the united states of people trying to get mortgages or small business loans because money will freeze up, again. everybody in the world should have all eyes on athens today to make sure the government survives its no confidence vote later on this evening and this thing doesn't go to a referendum and gets implemented. that's why this is so important. we're all breathing a sigh of relief here in cannes that the greeks get their house in order. as soon as this is over, kyra, the attention will shift to italy to see if we have another problem brewing in a much bigger economy in italy. >> got it. we'll talk a lot this morning, ali. thank you so much. and of course, the g-20 summit is playing out on the international stage and within the international headlines. zain verjee out of london for us with some of the more notable points and thoughts from people as we pay attention to the final day of the summit. >> hi, kyra. as greece holds the rest of the world hostage, here's what the international news headlines are saying. "wall street journal" in europe

has this, kyra. europeans open a cannes of worms. for the first time, the euro zone has acknowledged a country could quit the euro. the referendum is dead, but greece's euro membership is now firmly on the agenda. the independent, talk of greece leaving the euro is reckless. it says amid all the confusion what's clear is the effort to solve the zuro zone problems are far from over. now is not the time for careless talk about greece's exit. it is time for concerted efforts to find a solution. the south china morning post, no cannes do. consumed by seemingly unending troubles over europe's debt woes, global leaders have barely begun to tackle the serious economic imbalances and other structural problems at the heart of crisis. all eyes on anthens to see what happens and over the last 24 hours seen brinksmanship and a

real power struggle within greece. the question now will the prime minister george papandreou win the popular vote? greece and the world is waiting. kyra? >> president obama is set to speak at the g-20 summit in just about an hour from now. we'll carry it live right here on cnn. i'll tell you what, this could be a pivotal day for the troubled presidential campaign of herman cain. we could hear from the first time from one of the women who accused him of sexual harassment. he denies the claims and says the so-called smear campaign will not derail his candidacy. >> i can assure you this. this will not deter me. this businessman is not going to be deterred in his drive to basically do what i feel like i'm going to be doing which is to win this nomination and to win the presidency. >> joe johns is in washington. joe, do we know what this woman is likely to say in her

statement? >> we don't. i mean, all we know is the outlines. we know sdheez she's filed or complained about sexual harassment some 12 years ago. if this happens, best case scenario is this would be the moment where we actually start to learn something about the actual allegations that were lodged against. you know, the guy who is pretty much one of the two frontrunners in the presidential nomination. i mean, the hope is for a one-page press release for a lawyer for one of the woman accusers whose name we don't know. this is being described as an attempt to defend the woman's reputation and give us some sense of what she did, why she did it and apparently the main goal of such a press release, if it happens, would be to rebut herman cain's assertion that sexual harassment allegations that were filed against him were false, which were made, as i said, 12 years ago. the women said she was sexually harassed by cain while she was working at the national

restaurant association. so, all of this as we reported, again and again, is going on because of a confidentiality agreement that apparently she is not supposed to break it bars all sides from talking publicly about the details, kyra. >> all right. joe johns we'll follow it. meanwhile texas governperry he played no part. cain accused a perry campaign staffer of planting the story, a charge his rival strongly denies. >> the cain campaign and the candidate himself say that you and your campaign owe him an apology. do you? >> no apology needed. we found out about this the same time that i suppose the rest of america found out about it. both on the internet or the next day in the news. so, you know, i don't know how to tell any other way except knew nothing about it, sir. >> does mr. cain owe you an

apology? >> more stuff floating out there on the campaigns. i tell people, this isn't my first rodeo. they're going to say all kind of things about folks. i'm going to stay focused on how does america get back to work and we played out a couple really good plans both on the energy side and the tax side and how to cut spending and that's what americans are interested in. >> it is what americans are interested in, unfortunately, as you know this is not your first rodeo. sometimes distracted by these things. lastly on this point, some in your campaign who say, it's not us. maybe you want to look over at romney land, is that fair? >> again, i'm focused on my campaign on the issues that are important to the people and i'm -- this is over. it's gone, it's done with and i'm pressing on. >> let's bring in our candy crowley. she's our chief political correspondent. she's joining us live out of washington. candy, herman cain has said that

even in the midst of all these allegations this week, his phone banks actually crashed. he made more than $1 million in the midst of this scandal. what is your take away from this? >> well, i think, i think it's to be expected, frankly, because the folks that are around him that support him at this point circle the wagons. here's what they saw. the lane stream media, using anonymous sources and the cain says it's a hit job. they're after me because i'm a hit. they circle the wagons and give him a hit and say, go, go, go. where does the story go from here because these are people who are now vested in herman cain who believe him when he says, this is nothing. they're out to get me. these charges were not true at the time. clearly, he's already said there was some agreement or settlement or whatever you want to call it. what's next? because now these folks who have been supporting him are doubly vested in it.

will they remain so if we see a face to this alleged scandal? if we see a woman with a credible story who comes out and says he did this, he did this and, you know, people recoil from it, then the circling of the wagons is no longer something that those supporters may want to do. so, it is not played out yet, but i think the fact that they did gather around him, send him money, we're seeing a new poll out today from abc/"washington post" that shows cain tied with mitt romney for first. those are most of the polls we've seen are, in fact, around this. this was taken after this alleged scandal first broke. so, so far, we don't see a sign that it's hurting him. we see a sign that it's helped him in his fund-raising. the problem is, what does next week bring? what does today bring? >> it's amazing. one day things are totally calm and the next thing you know,

yeah, you've got these allegations. all right, well, you just heard governor perry talking with our john king and he denied these accusations that it was his campaign that actually leaked this information about herman ca cain. so, do you think these allegations in any way hurt perry in the eyes of voters? >> here's how, it is exactly what usyou saw in that exchange. rick perry doesn't want to talk about this. rick perry needs to regroup and fire up his campaign again. he's been sinking in the polls because people have seen him in these debates and thought, he doesn't look up to this job. he seems stumbling and rambling and now he has some things he wants to sell. hey, here's how i get on top of the economy and here's what i have done. that's what he wants to talk about and he's been involved in this week in a back and forth, not him personally, but, you know, aides, et cetera in back and forth when herman cain said, you know who did this? somebody in perry's camp.

it's not good for perry and it's not good for the republican field in general. mitt romney who has been clear of this saved some suggestion in camp perry that maybe the mitt romney people started this cain stuff. romney has stayed above it. it might marginally kind of make him look like the most electable. the people who are happiest about this are the re-elect obama campaign folks. what it does, in general, we are in november, the first votes in the republican primary will be taken in those caucuses whether people have to stand up for their candidate in early january followed a week later by the new hampshire primary and i think what this scandal does or this alleged scandal does is make the republican ticket or the republican slate, as we now see it, look weak. i think that probably has created some smiles in chicago at the re-elect campaign. >> candy crowley, we'll talk next hour, but a totally

different subject. of course, you can join candy right here every sunday "state of the union." 9:00 a.m. eastern time. well, the manslaughter trial of michael jackson's doctor enters a crucial phase as jurors get ready to deliberate dr. murray's fate. bill cosby's got a new book. it's called "i didn't ask to be born, but i was glad i was." he will join me in just a few minutes to talk about that, the bible and a cute girl named bernadette. uh, i'm in a timeout because apparently riding the dog like it's a small horse is frowned upon in this establishment! luckily though, ya know, i conceal this bad boy underneath my blanket just so i can get on e-trade and check my investment portfolio, research stocks, and set conditional orders. wait, why are you taking... oh, i see. hey max, would it kill you to throw a guy a warning bark?

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23 days and 49 witnesses later, jurors in the conrad murray manslaughter trial are expected to begin deliberations a little more than two hours from now to decide whether or not he should be held accountable for the death of michael jackson. casey wian is live in los angeles with more for us this morning. hey, casey. >> hey, good morning, kyra. this trial has been going on for six weeks now and jurors are finally going to begin deliberations this morning on whether conrad murray is guilty of manslaughter in the death of michael jackson. now, yesterday prosecutors and the defense gave their closing arguments to the jury starting off with the prosecution, which delivered a very, very powerful closing argument. contending that dr. conrad murray is criminally negligent and is responsible for michael jackson's death. basically because he administered propofol, that

powerful anesthetic in michael jackson's bedroom not in a hospital setting. of course, the defense countered with its theory that michael jackson, himself, was to blame for injecting the drug. >> the evidence in this case is abundantly clear that conrad murray acted with criminal negligence. that conrad murray caused the death of michael jackson. that conrad murray left prince, paris and blanket without a father. >> what they're really asking you to do, just say it. what they're really asking you to do is convict dr. murray for the acs of michael jackson. >> the defense also sought to poke holes in the prosecution's theory that michael jackson was hooked up to a continuous iv

drip as dr. conrad murray was absent from the room when michael jackson actually died because of that propofol intoxication. now, the prosecution, though, countered with some very emotional arguments. you heard in that clip how the prosecutor evoked michael jackson's children being without a father and he thoeld the jury in his words that dr. conrad murray subjected michael jackson to what amounted to, sorry, an obscene pharmaceutical experiment. very emotional closing arguments from both sides, kyra, now in the hands of the jury. >> all right, well, any way to tell how long the deliberations will last? >> i think it's really difficult. human nature, of course, it's friday, these jurors have been on this case for six weeks. you'd think if there was any sort of consensus, they'd want to get it wrapped up today. it could very easily go into next week.

>> we're standing by, casey, thanks. jon corzine is out of ceo as mf global, the investment term that collapsed and allegedly lost track of $600 million. christine romans live in new york. we're talking about man that was governor and once on the short list to be secretary-general. this really blew a lot of people away. >> yeah. and this is what he's saying this morning. he's stepping down voluntarily from his position running mf global. this was seen as his come back after being in wall street for ten years. this is what he said, i feel great sadness for what has happened and what has transpired at mf global and the impact it has had on the firm's clients, employees and many others. the company made very big bets on european bonds and european debt and you can see what's happening in europe. he in the end may have rightly so bought this stuff at deep discount and investment longer

term and other people who do business with the company saw the big bets and got scared and all started to go down hill from there. a little bit about his resume, what he has done before. he's the former governor of new jersey for four years and former new jersey senator, as well. goldman sachs ceo until 1999 when many say he was pushed out by henry paulson who then went out to become the secretary later. he was said to be on the short list before for being the treasury secretary himself before. this is someone with a very long, very, very high-profile resume. he's giving up his, what would have been technically a $12 million severance package but it's unclear in bankruptcy if he's able to get that severance anyway. he is a very wealthy man, he made a lot of money on wall street. not like he needs that severance anyway. he looked for a buyer for mf global and in that process, in that due diligence it became clear that there might be money

missing, maybe $600 million missing from customer accounts that may have been used to try to prop up the firm's own trading accounts. that's what they're investigating to find out what happened. that's illegal. so, now, you have got numerous federal investigations into just exactly what happened there. kyra? >> okay, christine romans, we'll continue to track it. thanks so much. you got a lot of stuff going on today, christine. a lot on your plate. >> sure do. a crew of astronauts back safely after their long trip to mars -- and by mars i mean the moscow warehouse. zain will explain. i'm kind of a fixture in different parts of town... some folks call me a rock star, some call me the mayor... and i love it. and, i make everybody happy. i keep my business insurance with the hartford because... they came through for me once, and i know they've got my back. for whatever challenges come your way... the hartford is here to back you up. helping you move ahead... with confidence.

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if you've been on a plane stuck on the tarmac you can go a little stir crazy. that's nothing compared to the astronauts 18-month mission to mars. zain verjee here with all the details. i guess sort of a mission to mars. >> sort of a mission to 35 million miles away, but they were just, you know, a few yards from mission control in moscow. kyra, what would you do for 520 days in a tiny little module? what would you do? >> you know, i just had twins, i have already done that. it was a family room. >> all right, these guys spent all this time in isolation because there was the study that was being done and the question is, can people survive in that short of physical space, physically and psychologically and go all the way to mars. they really just wanted to simulate a journey to mars because you know what happened a few years ago is that a crew

spent 420 days and they got really drunk, couple of them ended up fighting each other and then someone tried to kiss the female crew member. that ended in total disaster. but it looks like from europe, russia and china ended up quite successfully and right now they're in quarantine they met with their family and what analysts are saying is that they're going to have a hard time adjusting to the noise and just a general, ordinary life. but they really did try and simulate everything there. that was 24-hour surveillance in this module except when they went to the bathroom, thankfully. this has actually been a successful experiment. what would you miss most if you were in a capsule for 520 days? >> oh, come on, that's easy. i'd miss you. >> oh, darling, thank you. i would miss "general hospital" because it's getting really interesting with lisa coming

back. >> our life is a drama and soap opera. have a great weekend, zain. we do have a new report on your biggest concern now, zain gave me that, the job market. the economy is adding thousands of jobs, but is it really enough? we'll go live to the new york stock exchange. bill cosby has a new book. it's called "i didn't ask to be born, but i am glad i was." he'll join us to talk about that, the bible and a fine girl named bernadette. is this a chevy volt? [ stu ] yeah. it's electric. i don't think so. it's got a gas tank right here. electric tank, right over here. an electric tank? really, stu? is that what you pour the electricity in?

it's actually both, guys. i can plug in and go 35 miles gas free, or i can fill up and go a whole lot farther. is that my burger? oh. i just got bun. i didn't even bite any burger.

what are these guys doing? [ horn honks ] could you please not honk while this guy's telling me about his chevy volt? is that that new... is that the electric car? yeah. but it takes gas too. ask him how much he spends on gas. how much does he spend on gas? how much do you spend on gas? how much do i spend on gas? if i charge regularly, i fill up like once a month. he only has to fill up about once a month. [ woman ] wow. that's amazing. the economy adding 80,000 jobs last month and the unemployment rate dipped to 9%. okay, the unemployment rate falling and we're adding jobs. so, will wall street consider

all this good news? >> well, considering that stocks are falling right now, kyra, i think the markets see it as nuthing to write home about because when you look at the headline number, it's pretty mediocre. 80,000 jobs added in october when the expectation was closer to 100,000. when you look deeper into this report, not a bad, overall reading. most jobs added in the private sector. the august and september numbers were revised higher and that is good, too. also good, the number of people who are out of work for a long time now, six months or more, that number is falling. still, though, what this shows is we're still in the middle of a sideways recovery, but, still, it is a recovery. that's a positive. it's another signal, kyra, that the u.s. is not headed back into a recession. kyra? >> all right, of course, we've got greece and the concerns there. that's factoring into the markets today. >> oh, yes. keeping things interesting, to say the least. one heck of a volatile week here on wall street. you look at the s&p 500 and it swung 1.5% in both directions every single day this week.

but we are seeing increasing confidence that the greek bailout is going to get back on track after the prime minister papandreou canceled the referendum. means last week's deal should go through. with all the back and forth we are seeing, you can bet investors will be on edge today. >> all right, alison, we're watching the markets. 85 points and we're following what's happening in greece. alison, thanks. i know you're paying close attention, as well. president obama is set to speak at the g-20 summit in roughly 45 minutes. we'll carry the president's speech live right here on cnn. checking the top stories. the "occupy" oakland movement continuing their protests today after clashing with police. the city's port has reopened following demonstrations there and jetblue is sending out refunds to passengers stranded for up to eight hours during last weekend's snow storm. five jetblue planes were stuck on the bradley airport tarmac in connecticut. one woman accusing herman

cain of sex wal harassing her in the 1990s could put out a statement today. the presidential candidate denies any wrong doing. rick perry tells cnn he had nothing to do about leaking those allegations and he spoke exclusively to our john king about it. >> the cain campaign and say that you and your campaign owe him an apology. do you? >> no apology needed. we found out about this, i suppose, the rest of america found out about it. both on the internet or next day in the news. so, you know, i don't know how to tell any other way except knew nothing about it, sir. >> does mr. cain owe you an apology for pointing the finger at your campaign? >> more stuff floating around out there and campaigns, again, i tell people, this isn't my first rodeo. they'll say all kinds of things about folks. i'm going to stay focused on,

how does america get back to work? we laid out a couple good plans on the energy side and tax side and how to cut spending and that's what americans are interested in. >> it's what americans are interested in. this is not your first rodeo campaign and sometimes get distracted by these things. just lastly on this point, there have been some in your campaign that say, it's not us, maybe you want to look over at romney land. is that fair? >> again, i'm focused on my campaign and the issues that are important to the people and i'm -- this is over, it's gone, it's done with. and i'm pressing on. >> perry also defended a recent speech where some thought that he was way off script. >> if you look at the speech online, a million hits on youtube. >> if they print any more money over there in washington, the goal is to going to be good. live free or die, victory or death. bring it. >> everybody's got a little slogan, right?

cut balance and grow. get that. the ones that want to stay in the old system pay the lawyers, pay the accountants and all that money is gone. or that. you know, send it in. it's awesome. i love herman. >> i have no idea, i haven't seen it. i know the speech that i gave and it was well received. had an appropriate number of applause lines and standing ovation at the end of it. you know, such people as dan with "washington post" was there and tweeting about it and saying, spot on. he's hitting all the right. so, i have no idea how these things get started, what have you. so, it was a good speech, well received and if i had the opportunity to do it, again, i would give it exactly like i gave it. >> perry says he's not worried about a recent drop in the

national polls saying he's used to tough elections. it seems like everyone in hollywood is overpaid, right? well, some more than others. find out five stars who are banking way more than they're worth. "showbiz" with a.j. hammer coming up.e ed a portable x-ray, please! [ nurse ] i'm a nurse. i believe in the power of science and medicine. but i'm also human. and i believe in stacking the deck.

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well, country singer keith urban is getting surgery. it's hopefully to save his golden voice. a.j. hammer here with the details, taking me back to my days as a deejay. he's one of my favorites, a.j. >> well, if he can't sing for a little while, he could be a deejay. rest his voice. keith urban, kyra, will undergo throat surgery later this month. he needs to have a polyp removed from his vocal cords. it's not a big deal, a minor, outpatient procedure but his recovery will require complete vocal rest. now, before he has the operation, he will be performing at the cma awards next week, but

urban will have to postpone a benefit concert he had planned for later this year. they say things happen in threes, kyra. think about this, the third major performer who announced their need for throat surgery. adele, john mayer, keith urban, i'm not sure there is an explanation for this epidemic. these people all rely and live by their voice, all dealing with major issues and having surgery. >> that's always, we definitely want to preserve. that's for sure. forest magazine saying that some of the biggest names in hollywood are bad at the box office. what's going on here? >> yeah. this is very important science right here. the people at "forbes" have another celebrity list out. they're telling us who the most overpaid stars in hollywood are. according to the magazine, drew barrymoore delivers the worst bang at the box office, which is sad to me because i love drew so much. he brings in around 40 cents at the box office for every $1 she is paid in salary.

"forbes" cake up with this list by looking at the stars' last three movies and dividing the salary. doing that math, barrymore panned out to be the worst. she was in the recent big moneymaker "he's just not that into you." she wasn't the star of the film, she doesn't get credit for this cinematic, mathematic science. the top five, eddie murphy, will ferrell, reese witherspoon and denzel washington. the way i look at it is, if the studios are willing to shell out the big bucks for these guys, well, good for them. >> all right, a.j. i wish i could say we have you next hour, but we have president obama. trumps headlines in show business. if you want everything breaking, a.j. always got it. "showbiz tonight" tonight 11:00 p.m. on hln. we'll talk to bill cosby after the break. he was a big part of my

childhood. maybe yours, too. now he's a big part of my adulthood, maybe yours, too. we'll talk about his new book and his take on what is happening to our world in 2011. hi, bill.

here's the deal. we were trying to think of a good way to introduce bill cosby. actually, we're still thinking about it but the deadline here is and my brain is totally fried. you have to give me a break, he has been around for decades telling jokes, stories, acting, babysitting me back in the '70s when mom plopped me down to watch "fat albert" on saturday mornings and for years bill has been trying to explain that the bibal he a bible has missing parts. that that whole noah's ark thing. 1968, bill really tried to tell us what happened. >> go out and collect all those animals by two, male and female and put them into the ark. right. who is this really? what's going on? how come you want me to do all these weird things?

i'm going to destroy the world. right. am i on candid camera? >> now, here we are this morning and bill is still trying to make sense of the good book in his new book. there's the cover. here's the man, bill cosby. welcome. >> good morning, thank you. that was, that was very, very good. because what i did when i wrote that routine was to say, well, what would happen if god came to a human being and you could dramatize a reality without it being and all the big

moviemakers. just what happens to a human being and how the human being responds. and, so, in this book, genesis gives me a chance to say what everybody knows. the writer wasn't there. the editor wasn't there and the publisher wasn't there. therefore, how do they cut, jump, cut, move, cut, they had a chance to write. why didn't they fill things in instead of leaving us saying, what? what happened to -- >> so, let me ask you, bill. then, you know, when you talk to god, because i know you have that conversation on a regular basis, have you explained to him or her how imperative it is nowadays to fill in the blanks and get those missing pages back in there? >> i think, first of all, i've

gotten no answer. but i am able to think about what happened and i am able to say to people, even though you have faith, that's great. but you've got to ask questions. now, one of the things that i love about the writer's viewpoint of god is that god walked. god walked around and then as a writer, i began to write that the two god and adam must have had a wonderful relationship. but there are pages missing. things not filled in. all i know is i'm guessing that no matter what god told adam to do, adam did it and did not say, i'm tired. i don't want -- why do i have to do this?

and it's just, as far as i'm concerned, a great lineup of eve to today's woman and adam to today's man and the help situation. >> this might be a good way to segue into romance because you do talk about your first date at the age of 15. >> that wasn't my first date. >> when was your first date? >> my first date, my first love, my first crush, obviously, is around age 12. bernadette, bernadette represents that girl that we l all, the fellows, we all looked at. she was fine. and you knew looking at bernadette that you had to, you had to be -- you had to have

something going for yourself. >> what did you have going? at the age of 12. what did you have going? >> no, no, no. at age 12 it was doris mann. >> okay, then it moved on. >> then it was felmar morris and then -- >> then muriel. >> oh, jeez. >> but looking at bernadette johnson, all of us, all the boys -- not one of us ever went to her and felt that we were worthy of asking her to go steady. she was just that fine and she was just that -- she was a wonderful, wonderful girl. but i heard that she loved miles davis' music. so that's when i went to her. see, it gave me something.

even though i didn't really having something, it gave me something that i felt comfortable i could go to her. i didn't ask her to go steady. i just asked if she liked miles davis. she said yes. and i said well perhaps we can talk about miles davis' music. and what he is doing. and she said she would love to. well, there it is. >> there it is. we've talked god. we've talked dating. now we're going to take a break and we're going to talk parenting. bill cosby live with us on his new book. we'll be right back.

we're talking to bill cosby about his new book and getting a

little advice. all right, bill. last time we talked i was pregnant with twins. you told me it would be the most amazing thing in my life that parenting is wonderful. i haven't slept in seventh months and i smell dirty diapers even when at krispy kreme doughnuts. >> what's your problem? >> i need some help. >> look, look. parenting. hello? what is your job? you better do it every day every minute. now, what about your mate? is your mate present for any of these things? >> yeah. he does a pretty good job. >> what's a pretty good job? >> he does a stellar job. >> but is it according to your opinion? >> yes. >> yes. see, we're getting into that eve factor now. the point is, what did you name your twins? >> sage and kellen. >> beautiful.

don't dress them up the same way. it's not cute. >> i agree. >> let them have their own personality. but here's what you have to do. you have to stay with it. now, i have news for you. i'm 74 years old. remember the smell you have because they're going to grow up with your guidance and your mate's guidance and they're going to leave. then they're going to multiply. and when they come back, they're going to bring the begetted back to your house. guess what you're going to remember? >> what is that? >> the smell. because the smell is the same when your grandchildren come back. and that's why there's death. so you can get rid of all that. >> i've never looked forward to dying so much.

now, wait. before we let you go, bill, very interesting. you're so high-tech. within your book you actually have a qr code. man, explain this. >> well, you want to make it easy for people to buy your product. and if with this they want to take a little sample, billcosby.com with smart phone. you can see the brilliant drawings of george booth related to the chapters. you can hear bill cosby talking about the chapters. what he thought when he was writing them. so you can also purchase and you don't have to leave your seat. >> bill cosby. i know you're ready to leave your seat. we had fun this morning. i'm glad you're up. >> but i dressed up for you. >> and you know what?

you look as handsome as you did back at the age of 12 when you fell in love with doris. bill, it was so good talking to you. there go the famous eyes back in the head. i'm going to hear about this later. he loved doris. i hope he loves me too. bye, bill. >> even though you smell like sour you-know-what. >> exactly. i still have some of the formula in my hair. bill cosby, you take care of yourself. stay with us for special coverage of president obama's news conference from the g-20 summit. that's coming up right after this. medicare prescription drug plan. ♪ with the lowest national plan premium... ♪ ...and copays as low as one dollar... ♪ ...saving on medicare prescriptions is easy. ♪ so you're free to focus on the things that really matter. call humana at 1-800-808-4003.

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[ male announcer ] another reason more people stay with state farm. get to a better state. ♪ good morning, everyone. welcome to our special coverage this hour. >> i'm wolf blitzer here in washington. we're only minutes away from president obama. he's due to hold a conference at the g-20 economic summit in france. >> right now nicolas sarkozy speaking. as you heard wolf say, president obama is going to follow-up in about 15 minutes. both will apply the decision to accept the european bailout and not leave the matter up to a public vote. greece's prime minister canceled the referendum under heavy international pressure. now he's facing turmoil at home with a confidence vote tonight

that could boot him from office. >> we're covering all the angles on this economic crisis why it hits home from our wall streets to washington. our correspondents will break it down for us. let's go to the site of the summit right now. that's where jessica is standing by. first of all, set the stage for us. what do we expect to hear from president obama? >> hi, wolf. well, the, hit on some of the major themes here that took place during the g-20 discussions about global growth, about working to achieve financial regulation standards that are more consistent across the world. but, of course, the major topic, the overarching issue here has been resolving the eurozone crisis and finding a way for other nations to help europe in achieving a stable end to this crisis. now, the message from the -- has

been that europe has to find the money and the solution to solve its own problems. and that administration believes that it's gone a long way to doipg that with the framework that it worked out that they even argue that this chaos in greece yesterday helped tip europe into resolving its crisis even more quickly because they realized they come together quickly, even more quickly than they thought. let me finally say that we should expect that there should be some -- by the end of the summit, some kind of acknowledgment from other countries that participated here that they will be willing at a future date to make a financial contribution to a fund primarily as needed. they won't set a dollar figure. but other nations are willing to have funds to a future crisis if needed.

and that's one of the big commitments out of the g-20. >> a lot going on. we got some transmission issues with you. we're going to fix that, get back to you. i want to make showure that everything is set correctly. obviously there's no doubt that from the u.s. perspective a lot of people are wondering will the obama administration make any commitments -- financial commitments to bail out the europeans and what's happening in greece. stand by. we'll get back to jessica once we make that connection. keira, the president will be speaking obviously to the g-20 summit, the allies, the world's major economic powers. you know what? he's also going to be speaking to the american people right now. he's got these dual audiences he's got to work with. it's not always an easy challenge for an american president. >> sure. and a lot of people standing by waiting to see what exactly he's going to say.

there's been back and forth about how much he should get involved considering what we're dealing with here in our country. what happens there among those leaders, wolf, impacts our markets, our banks. this is why it's so important for everybody to be paying attention to what these leaders do and how involved the u.s. does take part. >> yeah. it's going to be a huge, huge challenge for the president. because you know the europeans, they're going to be seeking greater support from the international monetary fund. they're going to want the u.s. to participate even more as far as money is concerned. i don't think there's a great appetite in washington to start bailing out the europeans. even though and you'll hear this at the conference, i suspect, what happens in europe could have a huge impact on u.s. markets and jobs given the close economic relationship. keira, we're going to stand by and see -- there you see some video of the president.

it's a brief visit for him today. after this conference he'll have a few other meetings with the allies and get out of there pretty quickly. >> and jean, you've been following the international stage. various pieces talking about who should be more involved than others with regard to bailing out greece. >> exactly. and, you know, over the past few days there's been talk about who does have the money. the budget surpluses. there's been a lot of focus on china, india, and brazil. what can they do to help? let's look at the international headlines. the wall street journal in europe has this. europeans open a kannes of worms. for the first time the euro zone has acknowledged a country could quit the euro. the referendum is dead. "the independent" had this headline. talk of greece leaving the euro is reckless. what's clear is that the efforts

to solve the eurozone's problems are far from over. it's time for concerted efforts to find a solution. the alternatives are immeasurably worse. finally the "south china morning post" no cannes do. other structural problems at the heart of the world's crisis. even though there's a lot of action in cannes, there's been a huge internal power struggle. the question is will the prime minister george papandreou win the confidence vote. we'll find out. but the greece and the rest of the world is on a knife's edge. >> thanks so much. president obama has made it clear that the g-20 summit has to resolve europe's financial

crisis. how what happens overseas impacts us directly. wolf blitzer and i talking as we are waiting for the president to speak live. wolf, also our candy crowley weighing in. >> in our washington studios. and i want to pick candy's brain on this. this is a tough challenge. it's one thing for a president whether president bush or president obama to bailout american banks in 2008. it's another thing for an american president to participate in the bailing out of the europeans. >> right is why he's saying to europe, you guys have to do this. you have enough resources. the truth of the matter is we've seen this administration time and time again saying well, our economy has been buffeted by all these head winds. and what's one of those? the economic crisis in europe. it's not as though the u.s. is an uninterested observer. makes the case in this global

economy that greece goes down or spain or italy or other countries, it makes a weak economic recovery here even weaker. but it's a hard sell. you've got people up on capitol hill talking adds we speak about whose taxes we're going to raise, how are we going to get out of this. wait the president is giving money to bail out greece? what about bailing out america? in the administration's mind that's what they are doing. what happens to greece, spain, italy effects the economy. >> stand by. we're watching as well in new york what's going on. if we thought some of the american banks back in 2008 were quote, too big to fail, what about greece or italy or spain? obviously they're way bigger than those banks. >> you know, they are. it's interesting because greece is the 32nd largest economy in the whole world. it's got an economy of $300 billion. but debt that's $470 billion.

but it's a domino effect. it's not the outright size, wolf, it's the dominofect. in terms of the united states, the president is going there to say listen, what's good for you is good for us. $400 billion of our exports go to europe. we have $1 trillion of direct investment in eu. our funds in this country have $3 trillion in lows in eu commitments. this is about a big economy in europe potentially being on the brink of disaster if there's a financial disaster. that would hurt the u.s. the pressure from the united states here is just about making sure they've got their recovery plan, their eu bailout deal on track. and that -- the other thing that's interesting, i think, is that the u.s. isn't really in much of a position to push on this. we have our own debt issues here. there are many people in the

world especially in some of these big g-20 meetings saying you brought the economy to the brink in 2008. we've got it under control. they don't but hopefully the next few days they can get greece on track. and you can avert a big recession there and something dangerous here too. >> and christine and wolf, feel free whomever wants to respond. leaders also have to take a look at which countries are richer. the rich countries, the less rich countries. okay here's how we're suggesting you play a part and you help out. >> i would just make one point. i'd love christine to weigh in as well. what's fascinating now, the europeans they are looking to a certain degree to the united states. but they're looking to china, perhaps even more. because china has so much money at stake right now. they're so involved. obviously the u.s. debt to china

is enormous. chinese have their own interest at stake. they could potentially help bail out europeans. >> that's what this was supposed to be. this is a chance for the g-20 to say look we've got this bailout deal. now global investors like china and russia, look what we're doing here. you can help rebuild europe and it can be profitable. instead the referendum took the conversation off the table. we took three steps backward on moving forward. you are absolutely right, wolf. the people who have the money are not the people who are sitting here trying to fix this problem. the people who have this money are china and other emerging economies who will be given, i'm sure, a voice in investing to try to get this thing trned around. >> all right. christine romans and wolf blitzer. we're going to continue to wait

for the president to step up to the mike. he'll be speaking live at any moment. it'll be interesting to see as he's made it clear that europe's financial crisis has to be resolved. there has to be some sort of plan on the table. how will the united states get involved in that? what will president obama say? and as you heard christine and wolf point out, we've got our own crisis to worry about. how involved will he get with regard to the u.s. role overseas? we're going to take a quick break. more of our coverage as we await the president of the united states stepping up to the mike at the g-20 summit. we're america's natural gas

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welcome back. we're standing by to hear from the president of the united states. he's getting ready to handle a news conference in cannes. the president will open with a statement that answers reporter's questions. i'm here with keira. we're watching all of this unfold. for a lot of our viewers in the united states, they may not appreciate the stakes involved, but what happens in europe certainly could directly impact the u.s. economy, the state of the job creation. all of the economic indicators could have an enormous impact based on what these leaders at the g-20 at cannes decide in the next few hours. >> that's right. our banks, our pocketbooks, and the markets. and we're watching the markets right now. after the markets opened at 9:30 eastern time, we weren't quite

sure how it would play out. allison is at is the stock exchange. down in negative territory. down 121. it's not just all of us talking about what's happening overseas. but as you can see, there on wall street they're paying close attention to what's happening at the g-20 summit and what's going to happen in greece. >> you said it. investors are still worried about how things will unfold. really the focus today is on the jobs situation, the jobs picture here in the u.s. the unemployment rate moved down to 9% in 9.1%. it's a move in the right direction, but just a small move. and the reality is it's not good enough to bring down unemployment. so that's really got wall street in a funk. we see the dow down 129 points. we heard ben bernanke come out and say you have to expect the

jobless rate to stay above 8% through the next year. this economy is not adding enough job. 80,000 jobs were added last month. that's okay, but it's not great. if we were in a normal situation, you'd need 150,000 jobs a month to bring down unemployment. after what this economy has been through after the great recession, we need to add more than that. the good news is we have more jobs being added, unemployment is falling. the question is is it enough? good news is once again, it is enough to keep another recession at bay. >> okay. alison kosik at the new york stock exchange. here's more of a discussion on the politics of all of this. wolf, a lot of people waiting to see what exactly the president has to say. i mean, he's got to be careful, right? he's got to be sensitive to americans and the fact that they're out of a job. many americans are out of a job. they want to see a resolution

with our own crisis here. and they're wondering, how involved should he get overseas? but there's an overall impact here. and the president has a delicate balancing act, i guess you could say. >> yeah. he's been president now for almost three years. so he knows and appreciates that every word he says at this news conference could have an enormous impact on market reaction, what alison was just talking about. and hovering over all of this, and i want to bring in candy crowley to discuss it. unemployment going from 9.1% down to 9%. little bit of good news. on the other hand, 80,000 jobs were created. that's not enough to keep pace with the increase in the population, if you will, to start bringing that number down you need at least 150,000 new jobs a month. >> you do. it's one of those things, i'm going to recall my childhood. my parents say it's better than a sharp stick to the eye. 80,000 jobs is not enough.

9%, there's a psychological barrier there. first of all, it's just you hear millions of americans out of work. long-term unemployment continues to rise. people have been out of work six months or more. this is difficult for a president who wants to put americans back to work but also wants to get re-elected so he can continue what he's doing. and they understand at the white house. sounds like bernanke was a little more optimistic than the white house has been. because they expect vane said unemployment may be around 9% in november of election year. that's not -- that would be unprecedented, i will tell you, if you the president got re-elected with the 9% unemployment rate. the re-elect campaign has begun to phrase this as, look. you can look at the record and look where this other guy would take you. they are anxious to have that republican candidate out there. in fact, they've declared it to

be mitt romney and they are going after him with everything they've got. because they believe that their best shot is to say this is not an election, a referendum on the president as most of these elections are for a sitting president. this is which way do you want to go? it's do you trust this guy to move us forward, he'll only bring us backwards. 9% is not as bad as 9.1%. >> if you look at the revised numbers for august and september. remember augds originally they say zero jobs were created. now they've gone up to over 100,000 jobs. and in september they revised the number going up as well. and in october now 80,000 jobs. we'll see if they revise it next month. it's obviously much better than losing 700,000 jobs a month which was the situation when he took office. >> absolutely.

that's what they're telling. trajectory. we've gone from point a to where we are now. it's a heck of a lot better when the president first took office. that is sort of the campaign in a nutshell. and can i say, it's also why it's important with what's going on with the g-20. because they truly know and we have heard time and time again how the debt crisis in europe effects the u.s. recovery. what they want is to keep these little mini steps going. they fear at the white house and across the world that if europe gets into a deep debt crisis, it's clearly going to effect the american economy. and going the other way is not a great basis to campaign. >> candy, stand by for a moment. keira, we're awaiting the president. stand by. we're going to go back to cannes in france. president obama getting ready to host a news conference there. he'll open with a statement, answer reporter's questions.

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live picture now out of cannes, france. any second the president of the united states is set to hold a news conference right here at the g-20 economic summit in france. why are we all paying attention? because an act on the debt deal impacts all of us. not with just what's happening overseas but us as well in the united states. to continue our discussion, the president was set to speak at 10:15 eastern time. we're told it's going to take a few more minutes to get going. as we wait, candy, i want to ask you -- a

you, we're having our own issues here at home. we're having our own economic crisis. so when -- as we await the president of the united states to address all the leaders here, he's got to be grappling with, okay. how much am i going to say, not say, how direct should i be, how diplomat should i be. there are leaders saying we have questions about the credibility of what you say because you're having your own issues at home. >> sure. but that's been true throughout all the economic meetings. international economic meetings the president has had since the first one early on. people said let's talk about this capitalism stuff because it's not working well for you right now. so this has been, you know, lots of talk about the u.s. no longer has the high ground when it comes to selling the benefits of capitalism and democracy, et

cetera. but in the end, i think that they are probably worried less about, you know, what message is this to the american people. when the president goes on the international stage, it is good for a president. people like to see their president acting presidential overseas. so in all i think this is a setting and this is a place where the president can talk about american leadership. so i think it's less about the words when we're talking about to the american audience than it is about i am over here fighting for your jobs. here i am. and just the whole picture of the president of the united states in an international forum. i should add when it comes to approval ratings for the president, one of his highest approval ratings is foreign

policy. this is a day with good opportunity for the president. >> i was just going to say, you could make the case right now and some many already have that the number one foreign policy or national security global issue effecting the united states right now has nothing to do with iran or afghanistan or iraq or china. it's the economy. because if the u.s. doesn't have a strong economic base, it weakens the united states around the world. so that a domestic economic situation here in the united states is a huge national security issue for the u.s. we've heard this from some of the top officials. even the secretary of state hillary clinton said not that long ago that she worries about the american economy and the impact, the spillover impact it has on all these security issues around the world. i'll give our viewers one example of that. the obama administration wants

to main troops in afghanistan for another three years until the end of 2014. 100,000 american troops are still in afghanistan. that costs american taxpayers $2 billion a week. more than $120 billion a year. that's money that could go to pay down the debt. could be spent on infrastructure, education, all sorts of other projects. but it's spent in afghanistan. that economic factor could impact that national security decision whether to maintain that military presence in afghanistan. >> it certainly could when you're on the cusp of, you know, weighing the pros and the cons. i think probably the administration as most all administrations do would say national security comes first. we will pay what we need to. this is the most important job the federal government has is to protect this nation. when you look at the polling with the war in the war in afghanistan is the approval of it. people don't get why we're still

there. >> bin laden is dead. what's the point? people are unsure whether he's supporting the u.s. position there. whether the afghanis want american troops in their country. in the meantime, american taxpayers shell out $2 billion a week. >> people say let's get out. it's not that simple to just say okay we're out by next month. there's equipment and other things to be handed over. >> they're going to be out of iraq. >> yes, iraq they're out of next month. but that withdrawal has been going on for some time. you can't just automatically snap your fingers in afghanistan and say let's get out. for the president, that's a sales job. i think any president would say to you, if it's necessary for our defense and if it's necessary for the stability of afghanistan which is in our best security interest, then i'm going to spend that money. but it becomes then a sales job. >> one of the things, kyra that we should be focusing in on, i'm sure jessica yellin on the scene

there. as important as these summit meetings are, the bilateral direct meetings that the president has with world leaders, what happens one on one in these kinds of meetings, those are very significant. because it gives the president is chance to discuss not only the economic issues but some of the foreign policy issues whether iraq, afghanistan, or situation in iran right now tenuous given the fact that the atomic energy agency is about to come out with a new report on iran's nuclear program. i read a story quoting one british official saying that could be a quote, game changer. but these are the issues the president can deal with at a summit like this. >> you mentioned germany and france and the president did meet with both of those leaders sort of on the sidelines. how much of an impact, because he does have unique

relationships in particular with those two leaders. how much of an impact do you think those conversations will have on what he's going to say as he addresses those at the summit? actually addresses all of us in a few minutes. >> he's very close with those european leaders. he likes them, they like him. he'll be influenced by the appeals they make. very quietly he's going to have a joint interview on french tv later today after this news conference with president sarkozy. they do have a good working relationship. this is a relationship that's very significant. the eu is, i think, the second largest trading partner with the u.s. after canada. these meetings, they have enormous impact on jobs here, the economy here in the united states because if the u.s. increases exports, that creates

jobs. that's what the president has an interest in trying to achieve. >> we will keep talking. we are waiting for the president of the united states to step up to the mike there in cannes, france. he is about to hold a news conference at the g-20 economic summit there in france. as soon as he steps up to the mike which will be any minute now, we'll take it live. quick break. more from "cnn newsroom" straight ahead. uh, i'm in a timeout because apparently riding the dog like it's a small horse is frowned upon in this establishment! luckily though, ya know, i conceal this bad boy underneath my blanket just so i can get on e-trade. check my investment portfolio, research stocks...

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at a competitive rate. so don't wait another minute. be sure to call today. call now for your free medicare guide and information kit about aarp medicare supplement insurance plans, insured by unitedhealthcare insurance company. all right. we are still waiting for president obama's news conference at the g-20 economic summit in france. he is expecting to -- without allowing the public to decide in a referendum. this is a pivotal day for the greek prime minister who faces a confidence vote that could boot him from office. we've got team coverage. we're breaking it all down for you. you know, one angle about the greek debt crisis that has some people discussing the so-called nuclear option, and that is greece actually leaving the eu. but is that even possible?

our nina dos santos is live in london. what's your take? >> yeah. let's hone in on the eurozone because that's the issue. the eu's 27 countries in the block. 17 of those share the euro. the answer to whether greece could actually leave the eurozone as a whole is contained, this meaty document 403 pages of it. it's the european treaties or the consolidated framework that governs the european union. a lawyer helped me look to see if greece could leave the eu eurozone. >> there is no exit door either because greece wants to go through one or the other member states wish to push it through one. there is no legal basis at all from a departure from the eurozone. >> there you have it. take it from a top lawyer who is

used to digesting these kind of documents. what he said at the moment is because these kind of documents have a few black holes in them, they're going to have to likely re-examine them. of course this is extremely important because the yooeuro h become the second most reserve currency. its second only to the dollar. >> you need to give yourself a little more credit. i know you thumbed through the majority of those panls. thanks so much. wolf blitzer once again joining me from washington, d.c. as we are waiting for the president of the united states to step up to that microphone and address the summit in cannes, france. the world awaiting on him to see what he's going to say about this worldwide economic crisis that we're all facing. >> it'll also be interesting to see what the questions are, what

the president is asked at this news conference. you can see some activity there in cannes right now as the president we hope is getting ready to begin his opening statement and answer reporter's questions. our own john king is standing by. john, you're in iowa right now. when we talk about the american heartland, we really mean it. that's where you are right now. you had a chance yesterday to speak to folks in iowa today as well. including the governor of texas rick perry who's campaigning for the presidential nomination. what are they saying in iowa about what's unfolding in europe right now? is this an issue with this campaign? >> when you talk to voters, they're not going to have every last detail of greek about to do the deal. this will then move on to spain and portugal. americans including here in iowa don't have that level. you hear a lot of anxiety about china.

you hear anxiety about why are the markets volatile. why isn't the economy bouncing back? last night i met a woman who was laid off from her job at a hotel because the woowner can't get financing from the banks. corporations aren't spending. so are they following every detail of the european crisis? no. but do they understand there's a global economic crisis that is hurting them on main street, usa? absolutely yes. and they're looking to the president for some help. you mentioned the conversation with governor perry. his argument is that the president of the united states is weakened on the global stage on these issues because he can't go to europe and say solve your debt crisis because the united states has such a debt crisis. he can't go to europe and say get more growth into your economy because the united states doesn't have much growth in its economy. the personal pain of the american people will be the deciding factor in the election. you still feel it when you travel. >> yeah.

we're told we're only a few seconds away now from the president getting ready to open up with a statement then answer reporter's questions. as i can testify from various summits that i've covered, that john's covered over these many years, you don't know what the reporters are going to ask. there's no requirements they ask questions on the summit. here comes the president right now. >> good afternoon, everybody. i want to thank president sarkozy for his relationship and hospitality. over the past two years, those of us in the g-20 have worked together to rescue the global economy to avert another depression and put us on the path to recovery. we came to cannes with no illusions. the recovery has been fragile. and since our last meeting in seoul, we've experienced a number of new shocks. disruptions in oil supplies, the

tragic tsunami in japan, and the financial crisis in europe. as a result, advanced economy including the united states are growing and creating jobs but not nearly fast enough. emerging economies have started to slow. global demand is weakening. around the world, hundreds of millions of people are unemployed or underemployed. put simply, the world faces challenges that put our economic recovery at risk. so the central question coming into cannes was this. could the world's largest economies confront this challenge squarely? understanding that these problems will not be solved overnight. after two days of discussions, i can say we've come together and made important progress to put our economic recoveries on a firmer footing. with respect to europe, we came

to cannes to discuss with our european friends how they will move forward and build upon the plan they agreed to last week to resolve this crisis. events in greece over the past 24 hours have underscored the importance of implementing the plan. fully and as quickly as possible. having heard from our european partners over the past two days, i am confident that europe has the capacity to meet this challenge. i know it isn't easy, but what is absolutely critical and what the world looks for in moments such as this is action. that's how we confronted our financial crisis in the united states. having our banks submit to stress tests, buffers, and passing the stronger financial reforms since the great depression. none of that was easy and wasn't always popular. but we did what was necessary to resolve the crisis. and that's the challenge that europe now faces.

make no mistake, there is more hard work ahead and more difficult choices to make. but our european partners have laid a foundation on which to build. and it has all the elements needed for success. a credible fire wall to prevent the crisis from spreading, strengthening european banks, charting a sustainable path for greece, and confronting the structural issues that are at the heart of the current crisis. and here in cannes, we moved the ball forward. europe remains on track to implement a sustainable path for greece. italy has agreed to a monitoring program with the imf. in fact, invited them. tools have been identified that will better enable the world to support european action. and european finance ministers will carry this work forward next week. all of us have an enormous interest in europe's success and all of us will be affected if

europe is not growing. that certainly includes the united states which counts europe as our largest trading partner. if europe isn't growing, it's hard for us to do what we need to do for the american people. creating jobs, lifting up the middle class, and putting our fiscal house in order. that's why i've made it clear that the united states will continue our part to support our european partners as they work to resolve this crisis. more broadly, we agree to stay focused on jobs and growth with an action plan in which each nation does its part. in the united states we recognize as the world's largest economy the most important thing we can do for global growth is to get our own economy growing faster. back home we're fighting for the american jobs act which will put people back to work even as we meet our responsibilities to reduce our deficit in the coming years. we've also made progress here in cannes on our rebalancing agenda. an important step forward,

countries with large surpluses agreed to boost demand in their own countries. in addition, we welcome china's determination to increase the flexibility of the rmb. this is something we've been calling for for some time. and it will be a critical step in boosting growth. finally we also made progress across a range of challenges to our shared prosperity. following our reforms in the united states, the g-20 adopted a set of high-level fm reforms to prevent a crisis in the future. we continue to fossil fuel subsidies. even as our countries work to save lives from the drought and terrible famine in the horn of africa, we need new resources to

support the development to lift nations out of poverty. i want to thank our french hosts for a productive summit. i want to thank my fellow leaders for their partnership and the progress we've made to create the jobs and prosperity that our people deserve. so with that, let me take a few questions. i'll start with jim of ap. >> new jobless numbers today back in the states. you're on a pace to face the voters with the highest unemployment rate of any post-war president. and doesn't that make you significantly vulnerable to a republican who might run on a message of change? and if i may add, given that you had just witnessed the difficulties of averting economic problems beyond your control, what state do you think economy will be in when you face re-election next year?

>> jim, i have to tell you. the least of my concerns at the moment is the politics of a year from now. i'm worried about putting people back to work right now because those folks are hurting. and the u.s. economy is underperforming. and so everything that we're doing here in the -- at the g-20 mirrors our efforts back home. that is, how do we boost growth? how do we shrink our deficits in a way that doesn't slow recovery right now? how do we make sure our workers are getting the skills and training they need to compete in a global economy? and not only does the american jobs act answer some of the needs for jobs now, but it'll

also lay the foundation for future growth through investments and infrastructure, for example. so my hope is that the folks back home including those in the united states senate and the house of representatives when they look at today's job numbers which were positive but indicate once again that the economy is growing way too slow, that they think twice before they vote no again on the only proposal out there right now that independent economists say would action make a dent in unemployment right now. there's no excuse for inaction. that's true globally. it's certainly true back home as well. i'm going to keep on pushing it regardless of what the politics are. chuck todd. >> thank you, mr. president. clearly there was some sort of dispute between you and the european leaders about how to

fund this bailout and you in your opening remarks emphasize these fact that tarp was done with u.s. funds. it wasn't any international involvement here. are you confident now that the european leaders are going to fund this fire wall or bailout fund themselves not looking for handouts from other countries and they will do what they have to do? also how hard was it to convince these folks to do stimulus measures when your own stimulus measure you've mentioned twice is not going anywhere right now on capitol hill? >> first of all, we didn't have a long conversation about the stimulus measures, so that was maybe two or three g-20s ago. we spoke about what steps could be taken to spur economic growth. that may not always involve government spending. for example, the rebalancing agenda i talked about is one way in which we can make a big difference on spurring on global demand. it requires some adjustments,

some changes in behavior on the part of countries. but it doesn't necessarily involve classic fiscal stimulus. there wasn't a dispute with the europeans. i think the europeans agree with us that it is important to send a clear signal that the european project is alive and well and that they are committed to resolving this crisis. and if you talk to european leaders, they are the first ones to say that begins with european leaders arriving at a common course of action. so essentially what we've seen is all the elements for dealing with the crisis put in place. and we think those are the right elements. the first is having a solution to the specific problem of greece. and although the actions of

papandreou and the referendum issue over the last couple days, i think got a lot of people nervous. the truth is the general approach which involved a voluntary reduction on the part of those who hold greek's debt reducing the obligation of the greek government. greece continuing with reforms and structural change, that's the right recipe. it just has to be carried out. i was encouraged by the fact that despite all the turmoil in greece, even the opposition leader in greece indicated that it's important to move forward on the proposal. the second component is recapitalization of europe's banks. and they have identified that need and they are resourcing that need. and that i think is going to be critical to further instill

confidence in the markets. and the third part of it is creating this firewall essentially sending a message that europe is going to stand behind the euro. all the details, the structure, how it operates are still being worked out among the european leaders. what we were able to do was give them some ideas, some options in terms of how they would put that together. and what we've said is -- and i'm speaking now for the whole of the g-20. what we've said is the international community is going to stand ready to assist and make sure that the overall global economy is cushioned by the gyrations in the market and the shocks that arise as europe is working these issues through. and so they're going to have a strong partner in us, but

european leaders understand what the markets are looking for is a strong signal from europe that they're standing behind the euro. [ inaudible question ] no, what we were saying was that for example, creating additional tools for the imf is an important component of providing markets overall confidence in global growth and stability. but that is a supplement to the work that is being done here in europe. and based on my conversations with president sarkozy, chancell chancellor merkel and others, they have that strong commitment to the euro and the project. david murrell.

>> thank you, mr. president. i'm curious what you would say to americans back home who've watched their 401(k) recover when the bailout seemed a certainty and then this week with the new tumult in greece watched themselves lose what they gained back. are you confident this will actually happen and if so that it will work? >> first of all, if you're talking about the movements of the u.s. stock market, the stock market was down when i first took office in the first few months i was in office about 3,000 points than it is now. so nothing's happened in the last two weeks that would suggest that somehow people's 401(k)s have been effected the way you described. am i confident that this will work? i think there's more work to do.

i think there are going to be some ups and downs along the way. but i am confident that the key players in europe, the european political leadership, understands how much of a stake they have in making sure that this crisis is resolved. that the eurozone remains intact. and i think that they are going to do what's necessary in order to make that happen. now, let's recognize how difficult this is. i have sympathy for my european counterparts. we saw how difficult it was for us to save the financial system back in the united states. it did not do wonders for anybody's political standing because people's general attitude is you know what? if the financial sector is

behaving recklessly or not making good decisions, other folks shouldn't have to suffer for it. you layer on top of that the fact that you're negotiating with multiple parliaments, a european parliament, european commission. i mean, there are just a lot of institutions here in europe. i think several -- i'm not sure whether it was sarkozy or merkel, they joked i had gotten a crash course in european politics over the past days. and there are a lot of meetings here in europe as well. so trying to coordinate all those different interests is laborious. it's time consuming. but i think they're going to get

there. if there is a silver lining in this process, it is that i think european leaders recognize there are some structural reforms, institutional modifications they need to make if europe and the eurozone is to be as effective as they want it to be. i think that what this is exposed is if you have a single currency but you haven't worked out all the institutional coordination and relationships between countries on b the fiscal side, on the monetary side, that that creates additional vulnerabilities. and there's a commitment on the part of european leaders to examine those issues. but those are long-term. in the short-term, what they've got to do is just make sure that they're sending a signal to the

markets that they stand behind the euro. and if that message is sent, then i think this crisis is averted because some of this crisis is psychological. italy is a big country with an enormous industrial base, great wealth, great assets. and has had substantial debt for quite some time. it's just the market is feeling skiddish right now. that's why i think prime minister's invitation to the imf to certify the reformed plan that they put in place is one that they will in fact follow as an example of the steady confidence-building measures that need to take place in order for us to get back on track.

nora donald. >> thank you, mr. president. the world leaders here have addressed growth, the importance of growth. and yet growth back at home has been anemic. the new jobs report showing just 80,000 jobs added. the republicans in congress made it clear they're going to block your jobs bill because they believe the tax hikes in it hurt small businesses. at what point do you feel that you declare stalemate to try and reach common ground? and do you feel you have been an effective leader when it comes to the economy? >> well, first of all, wherever republicans indicate an interest in doing things that would actually grow the economy, i'm right there with them. so they've said that passing trade bills with south korea and panama and